BENGALURU: Cognizant Technology Solutions Corp on Friday posted a nearly 17% decline in net profit to $367 million for the first quarter ended March, compared to the same period of 2019, due to higher expenses and costs.
The company follows the calendar year. The Teaneck, New Jersey-based firm’s revenue for the March quarter stood at $4.2 billion in constant currency, up 3.5% from the year-ago quarter, in line with the company’s revised guidance of 3.4-3.6% growth.
The operating margin for the fourth quarter was at 15.1%. Last month, Cognizant withdrew its full-year 2020 guidance of 2-4% in constant currency provided on 5 February along with the firm's December quarter and full-year earnings, citing lack of visibility due to the impact of